BEIJING (Reuters) – A 7 billion yuan ($989 million) investment by investors into Nio China, a new entity controlled by Chinese electric vehicle maker Nio Inc, will smooth its cash flow and guarantee future product developments, its CEO said on Wednesday.
FILE PHOTO: NIO ES8 electric SUVs are seen displayed at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song
The new investment will boost product development and research, Chief Executive William Li told a news conference, adding it will not impact its existing partnerships with Changan [SASAGG.UL] and GAC or the ownership structure of its New York-listed company.
The investors include state-controlled Hefei Construction Investment Holding (Group) Co Ltd, CMG-SDIC Capital Management Co Ltd, and Anhui High and New Technology Industrial Investment Co Ltd.
He said the coronavirus epidemic has had an impact on Nio’s supply chain and sales in the first quarter this year but said the…
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